Retirement Financial Planning: Strategies and Challenges in Avoiding the Incidence of Poverty

Abstract

This study aims to explore the strategies and challenges of retirement financial planning in avoiding the incidence of poverty during retirees’ later years. Financial retirement planning is essential for ensuring a stable and secure post-employment existence, especially as life expectancy rises, economic environments change, and retirement paradigms alter. Many retirees, who formerly relied on these institutions for a secure retirement, are now confronted with underfunding and sustainability difficulties. Results of informant interviews are compiled in this study. The Focus Group Discussion (FGD) approach was used to gather the data. The study's results were analysed using the Nominal Group Technique (NGT), which can highlight these issues’ difficulties and possible approaches. There were three sessions with a total of 10 informants involved in this inquiry. The results of this study are intended to offer insightful guidance in creating practical plans for a secure and productive post-employment life. Individuals can negotiate the difficulties and uncertainties of retirement with proactive measures and well-informed decision-making, providing a secure and respectable financial future.